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Home»EXCHANGE NEWS»There could be another opportunity for the Ethereum price to show strength: Here’s how.
EXCHANGE NEWS

There could be another opportunity for the Ethereum price to show strength: Here’s how.

By Crypto FlexsMay 8, 20243 Mins Read
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There could be another opportunity for the Ethereum price to show strength: Here’s how.
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Ethereum price is correcting gains made at $3,220 resistance. ETH could start a fresh increase if it clears the $3,055 and $3,080 resistance levels.

  • Ethereum began a new downtrend after encountering resistance near $3,220.
  • The price is trading below $3,100 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming at resistance $3,055.
  • The pair would need to hold above the $3,000 support to initiate another hike towards $3,220.

Ethereum price revisits $3K

Ethereum price faced resistance at $3,220 and began a downward correction like Bitcoin. ETH fell below the $3,120 and $3,080 levels. It even tested $3,000 support.

The low was formed at $3,005 and the price is currently consolidating losses. Ethereum is trading below $3,100 and the 100-hour simple moving average. Immediate resistance is near the $3,050 level or the 23.6% Fib retracement level of the recent decline from the $3,217 swing high to the $3,005 low.

Additionally, on the hourly chart of ETH/USD, there is a major bearish trendline with resistance forming at $3,055. The first major resistance is near the $3,080 level or the 100-hourly simple moving average.

Source: ETHUSD on TradingView.com

The next major resistance lies at $3,120 or the 61.8% Fib retracement level of the recent decline from the $3,217 swing high to the $3,005 low, above which the price may gain traction towards the $3,200 level. A clear move above the $3,200 level could push the price higher to test the $3,350 resistance. Further gains could lead Ether towards the $3,500 resistance zone.

Will there be more losses in ETH?

If Ethereum fails to clear the $3,055 resistance, another decline could begin. Initial support for the downside is near the $3,000 level. The first major support is near the $2,950 area.

The next support level is near the $2,920 level. A clear break below the $2,920 support could push the price towards $2,840. More losses could push the price towards the $2,720 level in the near term.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.

RSI per hour – The RSI for ETH/USD is now below the 50 level.

Key Support Level – $3,000

Key Resistance Level – $3,080

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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